State-backed bank divests from American Express Saudi Arabia

The Saudi Investment Bank (SAIB) has agreed to sell its 50 percent stake in American Express Saudi Arabia (Amex).

American Express Saudi Arabia had a book value of SAR638 million as of November 30, 2025, the lender said in a statement to the Saudi stock exchange. The stake has been sold for SAR1.4 billion ($381 million) in cash.

The deal will therefore result in a gain of SAR792 million.

SAIB said it will use the proceeds from Amex Middle East, the buyer of the stake, to support and strengthen its financial position.

No details were given on the ownership of the remaining 50 percent stake in Amex.

Riyadh-headquartered American Express Saudi Arabia’s principal activities include issuing credit cards and offering other American Express products in the kingdom, according to SAIB’s 2025 board report.

SAIB reported a 3 percent year-on-year increase in net profit to more than SAR1 billion in the first six months of 2026.

Its shares closed 0.6 percent higher at SAR14.60 on Wednesday on the Saudi stock exchange, up 11 percent so far this year. State-owned General Organization for Social Insurance owns 26 percent of SAIB.

American Express Middle East was established in Bahrain in 1992 as a joint venture between the US-headquartered credit card company American Express and Mawarid Investment Limited.

The venture operates in consumer cards, corporate payments and merchant businesses across the Mena region.

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